Less people want to take on debt to study business when they can get paid while learning.

The Daily Caller reports:

As US Economy Improves, Elite MBA Schools See Drop in Applications

Master of Business Administration (MBA) programs at elite schools like Harvard University and Stanford University are seeing drops in applications as the U.S. economy improves.

Graduate Management Admission Council (GMAC), a nonprofit that gives the Graduate Management Admission Test (GMAT), conducted a survey of 360 schools where it found U.S. MBA programs saw drops in applications for the fourth year in a row, The Wall Street Journal reported Monday.

The GMAT is a computer-adaptive test that measures analytical writing data sufficiency, logic and critical reasoning, according to GMAC’s website.

“People are thinking, ‘Oh my gosh, if the top is struggling to find applicants, what are the rest of us going to do?’” George Andrews, director of admissions at Jones Graduate School of Business at Rice University, told TheWSJ.

Rice had a 27-percent drop in full-time MBA applications, TheWSJ reported.

U.S. business schools went from 150,479 applications in 2017 to 140,860 applications in 2018, a 7-percent decrease.